Barnwell Inds Stock Price, News & Analysis

Barnwell Industries, Inc. (NYSE American: BRN) announced the successful sale of its Canadian subsidiary's oil and natural gas interests for approximately US$1,037,000. This transaction reflects the company's strategy to divest non-core assets, with the sale completed on July 8, 2021. Management intends to reinvest the proceeds in future oil and gas opportunities, noting that 50% of the funds will be held in escrow for tax clearance. A gain from this transaction is expected to be recorded in Q4 of the fiscal year ending September 30, 2021.

Barnwell Industries, Inc. (BRN) announced that its unaudited pro forma stockholders’ equity exceeds $4.0 million, meeting the minimum requirement for continued listing on NYSE American. Previously, the company faced non-compliance issues due to reported stockholders’ equity of $1.2 million as of September 30, 2019, following losses in three out of four recent fiscal years. A plan was submitted to regain compliance, with a deadline set for July 13, 2021. The determination of compliance will be subject to NYSE American review.

Barnwell Industries (BRN) reported improved financial results for the quarter ending March 31, 2021, despite net losses of $856,000, compared to losses of $1,514,000 in the same quarter of 2020. The performance was bolstered by a $2,243,000 gain in oil and natural gas operations, thanks to a 46% increase in oil prices and a 65% rise in natural gas prices. The company benefited from $2,205,000 in cash distributions and improved earnings from real estate ventures. However, contract drilling revenues declined due to completed contracts, and significant expenses were incurred related to proxy contests.

Barnwell Industries, Inc. (NYSE American: BRN) reported a net income of $584,000 ($0.07 per share) for Q1 2021, compared to a net loss of $414,000 ($0.05 per share) in Q1 2020. Key drivers included a $1,097,000 rise in equity earnings from affiliates due to enhanced land sales in Hawaii, resulting in net cash distributions of $1,712,000. However, oil and gas operating margins fell due to a non-cash impairment of $630,000, while administrative expenses dropped by 21%. Barnwell closed the quarter with $5,370,000 in working capital, including $5,334,000 in cash.

Barnwell Industries, Inc. (NYSE-American: BRN) has entered a cooperation agreement with MRMP Stockholders concerning the 2021 Board of Directors election. The agreement includes the nomination of the current slate of directors, with MRMP agreeing to vote in favor and withdraw their board slate. Chairman Grossman noted progress in governance and operations, while MRMP's Sherwood highlighted a 370% stock price increase since April 2020. The company aims for long-term cash generation and further share price appreciation.

Barnwell Industries (BRN) announced the receipt of director nominations for its 2021 Annual Meeting from a stockholder group including Ned L. Sherwood and Bradley M. Tirpak. In response, a special committee has been formed to address potential proxy contest issues. Additionally, Barnwell reported sales of developer lots in Hawaii, generating $1,712,000 in cash distributions, netting $320,000 to the company. The financial impact of these transactions will be reflected in the upcoming quarterly financials.

Barnwell Industries (NYSE American: BRN) reported a net loss of $4.76 million ($0.57/share) for the fiscal year ending September 30, 2020, a reduction from a $12.41 million loss ($1.50/share) in 2019. For Q4 2020, the company posted a net profit of $628,000 ($0.08/share), contrasting with a $4.32 million loss in Q4 2019. Key factors include reduced non-cash impairments, increased operating results in contract drilling and land investments, and improved income from affiliates. Barnwell ended FY 2020 with $3.12 million in working capital, including $4.58 million in cash.

Barnwell Industries (NYSE American: BRN) reported a net loss of $3,456,000 ($0.42 per share) for Q3 2020, an increase from a loss of $1,365,000 ($0.16 per share) in Q3 2019. For the nine months ending June 30, 2020, the net loss was $5,384,000 ($0.65 per share), down from $8,090,000 ($0.98 per share) in the prior year. The increase in losses was attributed to a non-cash impairment of $2,689,000 due to falling oil prices. However, operational results in the contract drilling segment improved by $608,000. Barnwell's working capital stood at $1,691,000 as of June 30, 2020.

Barnwell Industries (NYSE American: BRN) reported a loss of $1.514 million ($0.18 per share) for Q2 2020 compared to a loss of $2.125 million ($0.26 per share) in Q2 2019. The six-month losses were $1.928 million compared to $6.725 million in the prior year. Contributing factors included a $1.637 million non-cash impairment of oil and gas properties and increased general and administrative expenses. However, contract drilling profit rose by $1.035 million, and oil production increased by 33% year-over-year. Barnwell ended the quarter with $2.041 million in working capital.